A comparative balance sheet and an income statement for Burgess Company are given below: Burgess Company Comparative Balance Sheet (dollars in millions) Ending Beginning Balance Balance $ 113 732 674 1,519 55 800 730 1,585 1,665 866 799 2,384 1,628 699 929 2,448 $ $ Assets Current assets: Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 292 196 109 597 495 1,092 176 154 88 418 760 1,178 225 1,067 1,292 2,384 225 1,045 1,270 2,448 $ $ Check my work cyuty $4,180 2,860 1,320 Burgess Company Income Statement (dollars in millions) Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of equipment Income before taxes Income taxes Net income 408 $ 266 Burgess also provided the following information: 1. The company sold equipment that had an original cost of $44 million and accumulated depreciation of $23 million. The cash proceeds from the sale were $23 million. The gain on the sale was $2 million. 2. The company did not issue any new bonds during the year. 13. The company paid a cash dividend during the year. 4. The company did not complete any common stock transactions during the year. Required: Using the indirect method, prepare a statement of cash flows for the year. (Enter your answers in millions not in dollars. List any deduction in cash and cash outflows as negative amounts.) Burgess Company Statement of Cash Flows Operating activities: 1. The company sold equipment that had an original cost of $44 million and accumulated depreciation of $23 million. The cash proceeds from the sale were $23 million. The gain on the sale was $2 million. 2. The company did not issue any new bonds during the year. 3. The company paid a cash dividend during the year. 4. The company did not complete any common stock transactions during the year. Required: Using the indirect method, prepare a statement of cash flows for the year. (Enter your answers in millions not in dollars. List any deduction in cash and cash outflows as negative amounts.) Burgess Company Statement of Cash Flows Operating activities: Investing activities: Financing activities: Prey 4 of 5 H! Next > Burgess Company Statement of Cash Flows Operating activities: Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents